Ramon Ang expects Top Frontier to activate mining assets in five years

Top Frontier Investment Holdings Inc., the largest shareholder of San Miguel Corp., expects to start activating its mining assets in five years when all the necessary studies done and reserves have been confirmed, its top official said Wednesday.

 

"We are conducting due diligence to make sure reserves are in the right places where we are going to mine," president and CEO Ramon Ang said during the company's annual stockholders' meeting in Mandaluyong City.

 

Last Aug. 30, Top Frontier fully acquired Clariden Holdings Inc., a holding company with interests in mining exploration and development.

 

Clariden Holdings holds interests in the Nonoc Nickel Project Surigao City, Mt. Cadig Nickel Project in Quezon and Camarines Norte, Lo-oc Limestone Project in Cebu, Bango Gold Project in Compostela Valley and Davao Oriental, North Davao Project and Dinagat Nickel-Chromite Project in Surigao del Norte.

 

Exploration to determine the amount and quality of the reserves in the Clariden mines are ongoing, Ang told reporters after the meeting.

 

"You need a year to get the conclusive deposit volume, mineable deposit volume and also quality, kung anong klase ng laman before you can design the plant," he said.

 

"Once you have those information, you need at least three years to build the plant," he added.

 

Ang said they are planning to export processed ore and not raw materials for higher returns.

 

Apart from mining assets, Ang said the company is open to acquiring mining projects that are already operating locally and overseas.

 

"So far, wala pang nakikita. Sa overseas meron pero high risk," he said.

 

Top Frontier, valued at around $2 billion, debuted on the Philippine Stock Exchange by way of introduction last January 13. – VS, GMA News